Cross Timbers Royalty Trust is an express Trust. The net profits interests are the principal asset of the Trust. The net profits interests comprise the 90% net profits interests, which are carved from producing royalty and overriding royalty interest properties in Texas, Oklahoma and New Mexico, and 11.11% nonparticipating royalty interests in non-producing properties located primarily in Texas and Oklahoma, and the 75% net profits interests, which are carved from working interests in four properties in Texas and three properties in Oklahoma. The Trust receives net profits, which is determined by XTO Energy by multiplying the net profit percentage (90% or 75%) times net proceeds from the underlying properties for each conveyance during the previous month. All underlying royalties, underlying non-producing royalties and underlying working interest properties are owned by XTO Energy Inc. (XTO Energy).